Tamarack Valley Energy (TVE.TO)

(Note: Doesn't own, but he does own HWX and likes the upcoming merger.)

In oil sands, but not one of the major players. Merger consolidates 2 names in the region, should see a lot of cost savings. Merged entity will be a bigger player, grabbing more institutional attention. You can play the merger through either company.

He's done well at a $4 cost. When to sell? Complicated because TVE is buying Headwater. The buying price depends on the price of oil. TVE stock is approaching fair value now with a little upside. Buy on dips.

Management has done a spectacular job. Their economics are unbelievable. They can squeeze more oil out by injecting water. He has trimmed some but still holds a lot. He sees further upside - 15 to 20% over the next couple of years at $70 oil. At $80 dollar oil he sees $19 to $20 per share.

A pure play on the Clearwater, one of the most productive basins in all of NA. Paybacks of less than a year on its wells. Waterflooding keeps going from strength to strength. Great long-term story. Stick with it.

Solid team, great execution. Hold, or continue to add to modestly. No reason to sell.

Likes it a lot. Continues to focus on what it's good at in the Clearwater. Smaller cap, so expect more growth and more volatility. Stock's not done, potential acquisition target.

Using water-flood technology to pick up production. Great growth, expecting 15% production growth in the next 6 months. Generates lots of cash. Recently increased dividend by 25%, increasing share buybacks. 

International investors are coming back to Canada for energy. Foresees multiple expansion as well as pricing power. Yield is 1.19%.

Like both, but TOU has been sideways, because they are investing in capex, but turning back to shareholder returns. So, TOU should return to vogue. TVE has been a tear lately but trades at 11x forward PE with good growth. TVE will be a little more volatile. He expects oil to return to the $70s, but it will take time to clear the Strait of Hormuz.

Likes it even more today. Proved that aggregating resources in the most economic play in NA, the Clearwater, has paid off. Water flooding is really working. Potentially 50% more upside in a year, but just let it play out.

Doing extremely well, a great chart, benefiting from the oil price rally.

Loves it. Very best play in the very best rock in the very best place to be (Canada). Technology and water flooding keeps getting better. Decades of drilling inventory. Don't trim.

Probably the leader in the Canadian oil patch. Highest-quality way to be invested in the Clearwater. Climbing steadily (with recent oil price), and will correct at various times. We're in early stages of energy bull market.

Don't be too cute with your timing. He'd step in today.

Really well run. Successfully pivoted away from mature assets with limited running room. Almost a pure play in the Clearwater. At the bleeding edge of using water flooding, phenomenal results. Expects a good report on year-end reserves (company expects at least 25 years of running room in this play). Continued success should bring multiple expansion. Sees 50-ish% upside from here with $60-70 oil over next 1-2 years.

A significantly cheaper alternative to HWX. Equally good management and properties, with same amount of running room and perhaps even more delineated inventory. Core holding for him, doesn't anticipate trimming.